XRP, one of the important names in the crypto money market, has experienced a remarkable rise in the last 24 hours. On August 7, the XRP rose from $ 2.91 to $ 3.02 and closed the day for $ 2.98. This movement was supported by high trading volumes, especially in Korean -based stock exchanges. Technical indicators pointed out that the XRP exceeded short -term resistances in accordance with the positive developments in the market.
Developments in the USA and Japan
US Securities and Stock Exchange Commission (SEC) Ripple $2.95‘s will take back the decision of the decision said. This assessment was planned to be held on August 7 at 03.00 at UTC. The upcoming session has raised the issue of whether XRP will be classified as securities within the framework of US law. In addition, the Bitcoin-XRP stock market investment fund application of Japan-based SBI Holdings has increased its corporate interest again.
Some companies were claimed to buy approximately 1 billion dollars of XRP. These institutions took action to diversify asset management. SBI Holdings’s application has been evaluated that it may further increase the interest in XRP in international markets.
Summary of Price Movements
The XRP has been traded in the range of $ 2.91 to $ 3.02 in the last 24 hours. The most significant rise took place between UTC and 15:00 and 16:00. During this period, the asset rose from $ 2.95 to $ 3.02 and the transaction volume approached three times the daily average. In particular, the transaction worth $ 95 million on the Upbit Exchange took place.
At the end of the session, the price of the XRP was balanced in the range of 2.98 to $ 3. Consolidation in this range pointed out that investors follow the developments in the market. Market viewers continued to monitor the developments in the short term in which direction the price will move.
Technical Analysis and Future Expectations
According to technical data, XRP broke the resistance of 2,87, 2.92 and $ 2.97. However, the attempt to exceed the level of $ 3.02 failed, then the price returned to $ 2.98. In this section, the purchase volume reached 2.11 million in 10 minutes.
2.98 dollars came to the fore as the short -term support level. If the price can hold at this level, the upward targets are thought to be $ 3.05 and $ 3,14, respectively. In particular, the results of the ETF application and the explanations of the SEC were evaluated that it may have an impact on the price.
Market participants closely follow the SEC’s decision and the effects of the ETF file. In addition, Korean -based upbit and transaction volumes on global exchanges pointed out that the interest of investor continues. The statements of SEC and institutions will be closely monitored.
“Legal clarity, XRP and the entire market can have a positive effect on Ripple CEO. He said.
The upcoming legal and institutional developments are estimated to have the potential to guide the price of XRP. Experts, the medium term price can test new resistance levels, he added. In the coming weeks, news from both the US and international institutions may be decisive in price movements.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
